Sentiment in the CIS steel billet export market cooled down somewhat after a sharp drop in demand from China, sources told Fastmarkets on Tuesday May 18.
Falling rebar futures prices resulted in significant cuts in spot rebar prices in the domestic market in China, which in turn led to reduced interest in imported billet, thereby pushing down offer prices. China had been the major buyer of CIS steel billet exports in recent weeks.Fastmarkets' daily assessment for steel reinforcing bar (rebar) domestic price, ex-whs Eastern China was 5,550-5,580 yuan ($864-868) per tonne, down by 20-30 yuan per tonne day on day and...